Rising oil price results in rising interest in Malaysian oil and gas counters

Petronas could emerge with rival bids

PETALING JAYA : Rising price of crude oil, which had pierced the psychologically key US$50 per barrel level for the first time this year, is buoying investors’ sentiment in the stock market.

Shares in battered down oil and gas companies including SapuraKencana Petroleum Bhd and Bumi Armada Bhd are off their recent lows on expectation that demand for their services will recover on higher price of crude oil.